China’s manufacturing sector activity expanded in November on improved orders and production, helping to support flat steel prices, which rose 2% from October after three months of declines. The manufacturing purchasing managers’ index published by Chinese media company Caixin rose for the fifth consecutive month in November, edging up 1 percentage point from the month before to 51.8. The manufacturing PMI released by China’s National Bureau of Statistics jumped to 50.2 in November from 49.3 in October. It was the first time both PMIs were above 50 – indicating the sector is growing – since April. Caixin in its report said new export orders saw the first back-to-back improvement for 18 months in November, supporting stronger overall orders, which resulted in a lift in production. Input prices of materials, including steel, rose marginally but posted the weakest price inflation level in three months. Chinese domestic hot-rolled coil […]